Does a home warranty protect a buyer in the event something goes wrong after they have purchased a property?
Sometimes. That’s because home warranties are oftentimes misunderstood, and not every warranty provides the same protection. All warranty companies are not equal, either. Warranties, of course, were designed to protect buyers from problems that emerged after they moved into a dwelling. For example, if a major appliance breaks or the roof leaks, the ideal warranty kicks in and pays for the repairs. On the surface, this sounds simple and straight forward. But, most of the time it is not. First, all warranties differ. Aside form the obvious differences (the amount of deductible required), they may also vary insofar as what is covered and what is not. For instance, with some warranties, if the hot water heater works on the day of closing, but suddenly does not work six months later, then it may be covered. And, with other policies if the water heater was not in good working condition when the home was purchased, and it breaks a week or two later, there is no coverage. Complex? Confusing? I
Related Questions
- When I buy a home and protect it with title insurance, what happens in the event someone should challenge my ownership of the property five or ten years after the purchase?
- When I buy a home and protect it with title insurance, what happens in the event someone should challenge my ownership of the property five or ten years after purchase?
- Does a home warranty protect a buyer in the event something goes wrong after they have purchased a property?
